Alibaba beats quarterly revenue estimates

Alibaba beats quarterly revenue estimates

China's Alibaba Group Holding Ltd reported a better-than-expected quarterly revenue on Thursday, as its core e-commerce and cloud computing businesses posted steady growth.

A logo of Alibaba Group is seen at the company's headquarters in Hangzhou
A logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China, November 18, 2019. REUTERS/Aly Song/Files

REUTERS: China's Alibaba Group Holding Ltd reported a better-than-expected quarterly revenue on Thursday, as its core e-commerce and cloud computing businesses posted steady growth.

Revenue rose to 161.46 billion yuan (US$23.12 billion) in the third quarter ended Dec. 31 from 117.28 billion yuan, a year earlier.

Analysts had expected revenue of 159.28 billion yuan, according to IBES data from Refinitiv.

(US$1 = 6.9829 Chinese yuan renminbi)

(Reporting by Akanksha Rana in Bengaluru and Josh Horwitz in Shanghai; Editing by Sriraj Kalluvila)

Source: Reuters

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